Debate Continues in Senate on Financial Reform

Debate Continues in Senate on Financial Reform

Amendment handliing is being dealt with by leadership.

As the Senate continues debate on an overhaul of financial regulations, dozens of proposed amendments are expected to be offered, although no votes are expected until Tuesday. Senate leaders have been working on exactly how to handle amendments and whether 60 votes will be needed to adopt them. Indications are the Senate will debate the measure for at least two weeks.

Senator Christopher Dodd, D-Conn., chairman of the Banking, Housing and Urban Affairs Committee, said the bill would end the concept of banks that are too big to fail. The Senate will consider an amendment by Senator Barbara Boxer, D-Calif., to address that issue and it probably will not be the only one.

Republicans are expected to offer amendments aimed at ensuring that non-financial companies that use derivatives to hedge business risks associated with market fluctuations would not have to clear their trades or place them on a public exchange. The current legislation has a relatively narrow exemption for such end users.

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